|8 Cultural Differences You MUST Know Before Doing Business in China|
By Vivi Semaan -
It is no secret that the economic and geopolitical clout of China is growing by the day. The rising power is increasingly displacing the United States as the number one trade partner to numerous countries and is the greatest source of growth for top multinational corporations. As such, a growing number of people do business with China and its enterprises. Yet, one must navigate a myriad of cultural and social expectations in order to succeed in the Middle Kingdom. Read on and check out our list of 8 things you must know before doing business in China … for more, go to https://www.tharawat-magazine.com/facts/8-business-differences-china/#gs.Q_HgHrY
No amount of US demonising will check China’s global rise to the top
KUALA LUMPUR (March 2018): Facts are facts. Statistics are statistics. They don’t lie!
The war-waging US’ incessant global demonising of China in economy and defence has most certainly failed.
The Reuters report titled “Fitch affirms China's A+ rating, says commitment to debt stabilisation key” is testimony to China’s stranglehold on the global economy.
And, of course the pro-US Reuters had to include some negativity, doubt and uncertainty with: “But Fitch warned trade tensions with the United States have ‘clearly’ risen, posing a downside risk to the ratings agency's baseline outlook.”
However the US strategises its demonising of China, and also Russia, the fast growing global influence of both China and Russia is here to stay.
Economies don’t just grow on trees or are plucked from the sky.
China’s globalised economy is achieved with trillions of dollars in investments everywhere, and with sheer determination backed by competent decision-makings.
After all, the Chinese are acknowleged as a civilisation of shrewd businessmen.
Here’s the Reuters report on Fitch’s rating of China as posted by The Star Online:
"Fitch affirms China's A+ rating, says commitment to debt stabilisation key
Wednesday, 21 Mar 2018
11:28 AM MYT
China's economic growth accelerated last year and comfortably beat the government's target, giving policymakers leeway to crack down on riskier lending practices and slow credit expansion.
A key driver of that growth came from improved external demand, with net exports making a positive contribution to the expansion in gross domestic product compared with a negative contribution in 2015-2016.
But Fitch warned trade tensions with the United States have "clearly" risen, posing a downside risk to the ratings agency's baseline outlook.
While Fitch expects the Chinese economy to grow 6.5 percent this year - in line with Beijing's target of around 6.5 percent - and is keeping its stable outlook on China's rating, it did not rule out the prospect of Beijing falling back on the old engines of credit-fuelled investment and policy stimulus and postponing commitments to stabilise leverage ratios.
"The true test for policy, and the direction of the sovereign rating, will hinge on whether the current bias towards tighter financial regulation endures what Fitch anticipates will be a sequential slowdown in the growth outlook over 2018-2019," Fitch said.
China is moving beyond its traditional dependence on rapid credit growth and investment and will rely less on stimulus to boost its economy in future, outgoing People's Bank of China Governor Zhou Xiaochuan said on March 9.
The central bank's new governor, Yi Gang, a protege of Zhou, is widely expected to maintain policy continuity.
China is also merging two financial regulators to tighten oversight of the country's $42 trillion banking and insurance sectors in a milestone move.
Xi Jinping, now in his second five-year term as China's president, has said financial security is vital to national security.
Premier Li Keqiang, at the close of the annual National People's Congress (NPC), or parliament, on Tuesday also reiterated that regulators will take "resolute" measures to tackle financial risks.
But Fitch said the implication for economic policy from Xi's consolidation of power - which has led to the removal of the presidential two-term limit at this year's NPC - remains uncertain.
"In the short run, more centralised decision-making could speed up difficult supply-side and service-sector reforms. However, faster and more centralised decision making also raises the risk of policy mistakes as China's economy grows in size and complexity," Fitch said. - Reuters"
|HOW TO MARKET YOUR NEW BUSINESS IN CHINA?|
Jun 23, 2017 | Business in China
The Chinese market is arguably the largest in the world with 350 million middle class consumers and the country’s overall GDP growing by 7% year on year. However, it should also be acknowledged that it is a very difficult market to break in to if you do not understand how your competition, and also how Chinese consumers operate.
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